DUBAI, June 25 (Reuters) - UBS has strengthened its wealth management team in the Middle East with 10 new hires, it said on Tuesday, as the Swiss bank moves to tap into the influx of expatriates and growing population of rich individuals in the region.
UBS said in a statement it was updating its regional organization while bolstering teams on the ground with six people joining from HSBC and four from Deutsche Bank .
Western wealth managers have been ramping up their presence in the region to service an increasingly diverse investor pool of wealthy clients, lured by its relatively neutral political stance, ease of doing business, convenient time zones, and tax free status.
UBS's appointments announced on Tuesday include three senior hires, with former Deutsche Bank CEO and Chief Country Officer for Saudi Arabia Bassel Al Zaouk joining to build out the domestic wealth management business in the country.
The two other senior hires joined from HSBC, with Ali Khunji set to co-head the Bahraini business and grow the wealth management business in Saudi Arabia's Eastern Province, while Rana Al Emam will be tasked with boosting operations in Abu Dhabi.
Al Zaouk and Khunji will report to Niels Zilkens, head of wealth management in the Middle East, while Al Emam will report to UBS' Head of Dubai Georges El Khoury.
HSBC Holdings (HSBA)